NanoString files bid procedures, gets $220 million stalking horse bid

By Sarah Lizee

Olympia, Wash., March 11 – NanoString Technologies, Inc. is seeking approval of bid procedures for its assets, according to a motion filed Sunday with the U.S. Bankruptcy Court for the District of Delaware.

The company is also seeking approval of a $220 million stalking horse agreement with Nucleus Buyer, LLC, an affiliate of health care investment firm Patient Square Capital, for substantially all of its assets. The purchase price would also include the assumption of liabilities.

The stalking horse agreement would provide for an expense reimbursement of 1.5% and a breakup fee of 3%.

NanoString said its DIP lenders are aware of the stalking horse agreement and have not raised an objection.

Under the proposed bid procedures, the bid deadline is 5 p.m. ET on April 12, an auction is scheduled for April 16, and a sale hearing will take place on April 22.

A hearing on the bid procedures is scheduled for March 28.

NanoString Technologies is a Seattle-based biotech company specializing in cancer diagnostic tools. The company filed bankruptcy on Feb. 4 under Chapter 11 case number 24-10160.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.